CHINAInnovationST19

ABS announces the launch of Paynow, a new Paynow, a new peer-to-peer funds transfer service

The Association of Banks in Singapore (ABS) is pleased to announce that PayNow, a new peer-to-peer funds transfer service will be made available from 8.00 am on 10 July 2017 to customers of seven participating banks - Citibank Singapore Limited, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, and United Overseas Bank. PayNow offers an enhanced funds transfer service that enables customers of the seven participating banks to send and receive Singapore Dollar funds from one bank to another through FAST using just their mobile number or Singapore NRIC/FIN, almost instantly. The service will be available 24/7, 365 days and free to customers..

PayNow was introduced by ABS and banking industry in response to the increased demand from customers to make funds transfer more convenient and efficient. The sender no longer needs to know the recipient’s bank and account number when doing fund transfers as PayNow offers a simpler and more convenient way for bank customers to pay using the recipient’s mobile numbers and/or Singapore NRIC/FIN.

A comparison with other current payment mechanisms

Payment Type

Receipt of Payments

PayNow

Uses mobile number and/or Singapore NRIC/FIN

Almost immediate, 24x7 basis

FAST

Requires Bank Name and Account Number
Almost immediate, 24x7 basis

Cheque

Up to 2 working days

Interbank GIRO

Up to 3 working days

Re-disseminated by The Asian Banker

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